The following statement ahead of the launch of the Paycheck Protection Program is from Indy Chamber Vice President of Indianapolis Economic Development Ian Nicolini:
“This weekend the Indy Chamber team has finalized processes, attended trainings, and prepped in anticipation of the processing of Paycheck Protection Program (PPP) loans through its Business Ownership Initiative (BOI) in partnership with Bankable of the Flagship Enterprise Center. The start of this preparation, however, began a few weeks ago with BOI proactively applying for approval to process these federal loan funds. At this time, that application is in review with the U.S. Small Business Administration (SBA). We, alongside other CDFIs across the country, are also awaiting SBA guidelines, regulations, and online portals for the PPP to be finalized and shared so that completed loan applications can be submitted to the SBA.
“The latest federal legislation replenishing this program set aside $30 billion from its total $310 billion for CDFIs like us to fund these loans. While the larger tranche of dollars in the total fund will begin to be dispersed tomorrow, we will continue to prepare for the processing of this CDFI fund and will make a formal announcement upon our pending launch.
“We want to thank the City of Indianapolis and our numerous private and philanthropic partners for their support as we unwaveringly serve small businesses across the Indianapolis region.”
About Indy Chamber
The Indy Chamber empowers business to ensure all have the opportunity to succeed in the Indianapolis region by connecting, convening, and taking action to move our region forward. Through membership, economic development, entrepreneur services, and advocacy, the Indy Chamber and its nearly 2,000 businesses strive for inclusive economic growth and mobility. For more information, please visit IndyChamber.com.
Joe Pellman, Indy Chamber – 317.464.2251, firstname.lastname@example.org